Long walk to freedom

The South Africa-focused financials group announced a split earlier this year. Favourable currency moves mean its South African operations are now worth more. But a poor first half for its flagship UK wealth manager suggests a listing could take longer to materialise.

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The logos of South Africa's three biggest banks, ABSA, Standard Bank and First National Bank (L-R), adorn buildings as winter storms hit Cape Town, July 8, 2015. The rand slumped to a new month low versus the dollar on Wednesday, influenced mainly by weak stock markets in China, a key importer of South African commodities. REUTERS/Mike Hutchings - RTX1JIF2

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